100k$ per BTC, a matter of time? – Among the mainstream media, few show any real enthusiasm for Bitcoin (BTC) and cryptocurrencies. Mike McGlonea senior commodities analyst at Bloomberg, stands out from the average by having always been optimistic for Bitcoin and Ethereum (ETH). This is still the case today, since he has just renewed his forecast to see a BTC at $100,000 some time from now.
BTC: is the road to $100,000 inevitable?
The market analyst Mike McGlone don’t give up: Bitcoin is promised a great future. In a recent interview with the Kitco News YouTube channel, the expert observes the current gloom in the crypto-asset market.
Although it is impossible to say whether a low point has been reached in the short term, Mike McGlone believes that the crypto market – and Bitcoin in the lead – could go back to new heights medium term.
“Right now, I expect BTC to trade lower. I don’t know by how much (…) it’s just a matter of when and where. (…) He could touch [le fond] to the $20,000, but I doubt it. On the other hand, I fully expect that in the next two years it will be back to $100,000. It’s just a matter of time, considering the offer [maximale programmée] in code [de Bitcoin] down on one side, and demand and adoption up on the other. »
Mike McGlone, commodities analyst for Bloomberg
>> Prepare for the next Bitcoin bullrun by registering now on the FTX platform (affiliate link) <<
Bitcoin, one of the “best assets” for the economic difficulties to come
If Mike McGlone is so confident about the future of Bitcoin, it’s because of fiat currency inflation (dollar, euro, etc.) which is beginning to be felt more and more strongly. The ” economic recession “ threatens.
The analyst thus sees Bitcoin as a new digital gold. A modern version of gold metal which, like its predecessor, would protect against devaluation currencies fiatand therefore the loss of their purchasing power.
“(…) [vous avez] the digital version of gold, Bitcoin, in a world that is becoming increasingly digital. (…) I think the best assets to own will be gold, long-term US bonds, and bitcoin. »
Same volatility of Bitcoin, often (systematically) used as a counter-argument to its role as store of value doesn’t impress Bloomberg’s commodity strategist:
“Bitcoin’s 260-day volatility is almost the same as Tesla’s, the same as Amazon’s in 2009, and the same as gold’s in 1980.”
However, the road to $100,000 is coming long, and certainly full of obstacles. Even though they too may be convinced that BTC will eventually go up, the minors of the Bitcoin network are thus for the moment obliged to resell part of their precious production.
Believe it or not, at $50 or even $100,000, Bitcoin will still be a bargain! To not miss the opportunity of a lifetime, register now on FTX, the leading crypto exchange platform. You will benefit from a lifetime discount on your trading fees (affiliate link, see conditions on official website).